Markets Focus on FOMC Meeting Wednesday

U.S. stock futures are slightly higher in premarket trading after the major indices rose last week to kick off December.

The benchmark S&P 500 (SPX) added 0.3% last week, bringing the broad index about 0.7% off its all-time intraday high. Stocks received some support on Friday after the delayed release of September’s core personal consumption expenditures price index came in softer than economists anticipated.

With no economic data due today, investor focus will be on the Fed announcement on Wednesday along with earnings this week from Toll Brothers (TOL), Adobe (ADBE), Oracle (ORCL) and Broadcom (AVGO).

Morning Movers

Snapshot (as of 6:30 AM ET)

  • Oil (/CL) – Oil prices are down about 1% near $59.50 a barrel as investors monitored ongoing talks to end the war in Ukraine ahead of an expected U.S. Federal Reserve interest rate cut this week.

  • Gold (/GC) Gold prices are flat near $4240, driven by growing expectations of a U.S. interest rate cut that pressured the dollar, ahead of a Federal Reserve policy meeting this week.

  • Bitcoin (/BTC)The Crypto Future is up 3% near 92,200 in premarket trading.

  • VIX The CBOE Volatility Index fell 2.3% on Friday and settled at 15.41 as stocks rose. It was the lowest close for the VIX since September 12th.

  • U.S. Dollar (/DX) – The dollar is flat just below 99.

Biggest Premarket Movers (as of 6:30 AM ET)

Symbol

Product

Mark % Change (Winners)

ALB

Albemarle

+2.86%

NEE

NextEra Energy

+2.67%

MU

Micron

+2.64%

AVGO

Broadcom

+2.37%

COIN

Coinbase

+2.06%

Symbol

Product

Mark % Change (Losers)

TSLA

Tesla

-1.29%

MRNA

Moderna

-1.16%

LEN

Lennar

-1.10%

OXY

Occidental Petroleum

-0.99%

WBD

Warner Bros. Discovery

-0.61%

Economic Data

Time

Event

11:30 AM ET

3-Month Bill Auction

6-Month Bill Auction

1:00 PM ET

3-Year Note Auction

Notable Earnings

Premarket

Postmarket

Premarket Tomorrow

Postmarket Tomorrow

None

CMP, TOL

ASO, AZO, CAL, CPB, CNM, DBI, GIII, KFY, LE, OLLI, SAIL

AVAV, AOUT, BRZE, CASY, CBRL, PLAY, GME

Upgrades/Downgrades

  • HSBC upgrades MasterCard (MA) & Visa (V) to Buy from Hold

  • Morgan Stanley upgrades General Motors (GM) to Overweight from Equal Weight

  • Seaport Research upgrades Oklo (OKLO) to Buy from Neutral

  • Morgan Stanley downgrades Tesla (TSLA) to Equal Weight from Overweight

  • Rosenblatt downgrades Netflix (NFLX) to Neutral from Buy

  • Pivotal Research downgrades Netflix (NFLX) to Hold from Buy

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